In a press release from DVB Bank last week, CEO Wolfgang Driese has expressed great optimism on the future role of China, both in the global economy, and in global transport financing. Commenting on his recent trip to Beijing, he is convinced that Chinese banks will gain greater importance in the global syndication market, given that “a number of Western Hemisphere banks that were active before the crisis may well not return”. While we continue to harbour mixed feelings about the development of Chinese banks as emerging global ship financiers given recent concerns over their USD liquidity positions, they have clearly established themselves in the industry and this is evidenced by several new deals below.
At least two Greek shipping companies are said to have secured Chinese money in the past few weeks. Containership owner Danaos has secured approval for a USD 203.4 million Sinosure backed credit facility from Citi and China Exim Bank. The funds will be ultilised for the financing of three 8,530 teu boxships, currently under construction at Shanghai Jiangnan Changxing Heavy Industry.
This is only an excerpt of Chinese Banks, Greek Owners
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Tags: · China Exim, China State Shipbuilding Corporation, Citi, Costamare, Danaos, Shanghai Jiangnan Changxing Heavy Industry
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